Sunday, January 14, 2018

income tax slab rates, surcharge for ay 2018-19 and residential status


Income-tax is a tax levied on the TOTAL INCOME of the PREVIOUS YEAR (P.Y.) of every PERSON. Previous Year (P.Y.) is the F.Y. immediately preceding the Assessment Year (A.Y.). A.Y. is the period of 12 months commencing on 1st April every year.

SIGNIFICANT COMPONENTS OF INCOME-TAX LAW

Income-tax Act, 1961:  governs the levy of income-tax in India
Income-tax Rules, 1962: formulated for proper administration of the Act
Circulars- issued by CBDT to clarify the meaning and scope of certain provisions of the Act
Notifications-issued to give effect to the provisions of the Act/make and amend Rules


INCOME TAX RATES FOR A.Y: 2018-19


  • INDIVIDUALS
  • FIRMS
  • LLP
  • DOMESTIC COMPANIES
  • FOREIGN COMPANIES


INDIVIDUALS INCOME TAX SLAB RATES FOR A.Y: 2018-19

income tax rates for individuals resident in india_60 years_more than 80 years

FIRMS, LLP & COMPANIES (DOMESTIC & FOREIGN)INCOME TAX RATES FOR A.Y: 2018-19

income tax slab rates for companies, firm, llp for a.y_2018-19

SURCHARGE RATES FOR INDIVIDUAL/HUF/AOPS/ BOIS/AJ, FIRM/LLP, DOMESTIC COMPANY, FOREIGN COMPANY A.Y. 2018-19

surcharge for ay 2018-19_ individual_huf_firm_domestic company_foreign company


Note – Income-tax has to be computed on TI. Surcharge is computed on such income-tax. Education cess@2% and secondary and higher education cess@1% has to be computed on income-tax plus surcharge, if applicable



RESIDENTIAL STATUS AND SCOPE OF TOTAL INCOME


  • INDIVIDUAL
  • HUF
  • FIRM & AOPs
  • COMPANY




RESIDENTIAL STATUS FOR INDIVIDUALS

residential status for individuals


RESIDENTIAL STATUS FOR HUF, FIRM, AOPS, AND COMPANY



Read More about TDS on GST

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